Corporate tax news — from filing obligations to policy changes affecting businesses of every size.
In law school, you learn in basic tax (“baby tax,” we called it) that you can’t avoid tax on a transaction by making it into a series of transactions. A North Carolina judge must have been paying attention that day. Judge Clarence Horton Jr. has ruled against Wal-Mart in a $33.5 million tax dispute with…
According to Martin Feldstein, a Harvard economist, the US is on its way to a recession. The only way to avoid it? Tax and interest rate cuts. If that sounds like something that the President would have said, you’re half right. Feldstein was an advisor for Bush’s presidential campaign and was instrumental in promoting the…
One of the things about being a tax attorney is that folks automatically assume that my financial house is always in order, that I always make the right tax elections and decisions and that I file on time, every time. Wrong, wrong, wrong. Running my own business? At the same time as raising a family?…
Earlier this week, the Ferraro Law Firm, a trial law firm based in Florida, submitted a tax whistleblower submission of more than $2 billion (yes, with a b) to the recently created IRS Whistleblower Office. The submission is the largest ever made to the IRS Whistleblower Office. The IRS Whistleblower Office is responsible for assessing…
FedEx has a little more to deal with this season than holiday deliveries: it has been deflecting claims in multiple jurisdictions over its classification of drivers as independent contractors rather than employees. The tax implications are pretty easy to figure out: back taxes (FICA and withholding), penalties and interest. But what about those misclassified employees?…
The Russians think so: Russia’s tax authorities allege that McDonald’s owes more than $6m in back taxes. McDonald’s, which currently has 183 fast food stops in Russia received the tax bill in August, according to The Times. The tax bill stems from allegations that the company procured ingredients from unlicensed companies which “posed a threat…
Not content to let the IRS and Congress finish their investigation first (and perhaps fearing a negative outcome), Blackwater has gone on the offensive. The company, which has found itself go from Blackwater to hot water (I know, bad pun) has recently issued a press release claiming that its “model of using independent contractors Is…
I think so. But Jim over at Small Business Boomers begs to differ – and he takes issue with the Small Business and Entrepreneurship Council’s criteria. And then I want to know what your own criteria are when deciding where to site your business: taxes? workforce? quality of life? proximity to transit?
Okay, not really leaks but it made for a clever headline. The Swamp has published a letter that Senator John Kerry (D – MA) wrote to the Senate Committee on Finance regarding the possibility that Blackwater has misclassified employees for tax purposes. The letter follows: October 26, 2007 The Honorable Max Baucus Chairman Committee on…
While folks in Washington have seemingly come to terms with the idea that Blackwater might have killed some folks when they shouldn’t have, they are drawing the line where it hits Americans the hardest: cheating on taxes. Rep. Henry Waxman (D-CA) has made public a letter from IRS to Blackwater from March (yes, March) regarding…